Volaris joints $50M investment agreement to produce sustainable aviation fuel

Volaris (VLRS) announced a $50M investment agreement alongside Indigo Partners, GenZero, Cleanhill Partners, Frontier Airlines, and Wizz Air (WZZZY). The investment aims to accelerate the production of Sustainable Aviation Fuel worldwide through the North American startup CleanJoule. CleanJoule will utilize this investment to develop its technology for producing high-performance and cost-effective SAF from agricultural waste and organic residues. According to the International Air Transport Association, SAF, with its lower carbon footprint, could potentially contribute up to 65% of the emissions reductions required for the aviation sector to achieve zero emissions by 2050. As part of the consortium’s investment, Volaris, Frontier Airlines, and Wizz Air have agreed to acquire a total of 90 million gallons of SAF, with Volaris estimated to receive 30 million gallons. In August 2022, Volaris conducted its first flight using a blend of SAF.